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Questions and Answers
What was the aim of IASB in establishing accounting standards for the insurance industry?
When was the Pradhan Mantri Fasal Bima Yojana (Prime Minister’s Crop Insurance Scheme) launched?
What is the uniform premium percentage paid by farmers for Kharif crops under the Pradhan Mantri Fasal Bima Yojana?
Why were insurance contracts excluded from the scope of international financial reporting standards?
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What did Prime Minister Narendra Modi launch on 18 February 2016?
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Insurance contracts were included in the scope of international financial reporting standards before the IASB's proposal
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The Pradhan Mantri Fasal Bima Yojana offers a uniform premium of 2% for all types of crops
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The aim of the IASB in establishing accounting standards for the insurance industry is to complicate the understanding of insurers' financial statements
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Accounting practices for insurance are similar to those in noninsurance financial services and nonfinancial businesses
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The premium for annual commercial and horticultural crops under the Pradhan Mantri Fasal Bima Yojana is 3%
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